In a so-called age of austerity you might not expect a university to be offering a degree in luxury.

However, this autumn the International University of Monaco is launching a master's degree in luxury retail management.

The degree is a far cry from the student stereotype of debt and dingyflats, and will follow a syllabus looking at designer products, private jets and yachts.

The course has been developed in collaboration with designer brandssuch as Gucci and Ralph Lauren. The 35 students will learn about how to sell lavish goods and run luxury boutiques.

Despite Europe's current financial troubles, the university says the course has been developed in response to a demand for staff who specialise in the luxury market.

Harrods is one of the world's largest department stores

A spokeswoman for the university says, "Gone are the days when it was easy to sell luxury goods based on the allure of the brand alone." The university also says that the course will teach students how to offer people an exceptional shopping experience "in which consumers develop long-lasting and emotional ties with the brand".

However, before you start applying to live the high life it is important to point out that students will be learning about, rather than enjoying, the world of opulent brands.

The degree is in a country associated with wealth and extravagance, but the International University of Monaco is not the first to offer a degree in luxury retail.

High-end London department store Harrods, known for its designer products, announced earlier this year that it would be offering an undergraduate degree in retailing for its own staff. The famous London store believes it will reap the rewards from a university training programme.

So that is one Harrods product that tourists won't be able to take home - a university degree.